CAB Payments eyes London IPO in a boon to stock market

On Thursday the B2B cross-border payments firm declared plans to file a registration document with the London Stock Exchange (LSE)

Fintech company CAB Payments has expressed interest in a London Initial Public Offering (IPO) in a boon for the capital’s sluggish public markets.

On Thursday the business-to-business cross-border payments firm declared plans to file a registration document with the London Stock Exchange (LSE).

If it goes ahead it would see CAB Payments, which offers international business-to-business overseas payments and foreign exchange, IPO on the London Stock Exchange’s main market for listed securities.

Bhairav Trivedi, Chief Executive Officer of CAB Payments, stated: Operating as a publicly traded firm will help us to continue to follow our strategy of providing long-term sustainable growth all strengthening our place as a payments and forex partner of choice for blue-chip customers transacting in emerging markets.

Revenue for the company in March sat at £41.3 million for the last three months, with an Adjusted EBITDA of £26.4m and a 96 per cent cash conversion.

According to the document, sent in preparation for the potential CAB Payments IPO, March’s monthly results are its third-highest MoM figures.

Trivedi further said: In turn, this will aid us in our goal to associate more people in conventionally hard-to-reach regions with global financial infrastructure, boosting financial inclusion and strengthening local economies.

London Initial Public Offerings dropped to their lowest level in a decade in 2022, with only 41 firms completing a listing on the London Stock Exchange’s main market.

Activity has continued to be muted in 2023, leading to reviews by the government and regulators to encourage more listings.

The LSE also lost out when semiconductor company Arm chose New York for its highly anticipated Initial Public Offering.